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FIX Protocal and FISD (Financial Information Service Division) sign statement of understanding

April 16th, 2009 – FIX Protocol Limited (FPL) and the Software & Information Industry Associationâ•˙s (SIIA) Financial Information Services Division (FISD) have signed a Statement of Understanding.  FPL is a non-profit organisation that owns the intellectual property rights of the Financial Information eXchange Protocol (FIX), which is a globally-recognised messaging standard enabling the electronic communication of pre-trade and trade messages between financial institutions, primarily investment managers, broker-dealers, ECNs and exchanges.  FISD is a non-profit, member, roundtable organisation, representing firms within multiple constituencies in the securities industry focused on operational and policy issues related to financial information.

This agreement outlines a collaborative approach that will seek to further promote the use of standards to enhance straight-through-processing (STP), operational transparency, interoperability between market participants and regulators, and improved integration. These efforts will be of significant benefit to the financial services community, enabling even greater efficiencies and cost savings to be achieved.

This partnership will facilitate greater collaboration on a number of initiatives, including an agreement to work together with other industry bodies to provide leadership in the identification of reference and market data industry best practices for inclusion into international standards.  In addition to this, FPL will actively contribute to the FISD Data Model Working Group which has been formed to consolidate and extend existing instrument data models into a framework that addresses the business issues exposed by the current credit crisis.  These issues include the intermittent and inconsistent reconciliation of business and technical practices across merged and acquired platforms, and the relationship between streaming trade data and reference/proprietary information stored in multiple relational databases.

Commenting on this development Jim Northey, Co-Chair FPL Americas Regional Committee, and FPLâ•˙s Industry Standards Liaison stated˛We have had a strong relationship with the SIIA / FISD over the past few years.  This agreement provides a formal grounding for even greater collaboration moving forwards, the result of which will be of significant benefit to all industry participants in the area of reference data standards and transparency.

Bill Nichols, FISD Program Director for Securities Automation Processing, added˛As the distinctions between market and reference data become increasingly arbitrary, FISD and FPL are uniquely positioned to provide our members with a venue within which to cover all aspects of the landscape, from legal issues to down and dirty technical details.  We are pleased to formalise our combined efforts and look forward to increased collaboration in several areas.╡

About FIX Protocol Ltd
FIX Protocol Ltd is a non-profit organisation that owns the intellectual property rights of the Financial Information eXchange Protocol (FIX), which is available free of charge from the FPL website, subject to FPL˙s copyright and acceptable use policy.  FIX is a globally-recognised messaging standard enabling the electronic communication of pre-trade, trade, and post-trade messages up to settlement, between financial institutions, primarily investment managers, broker-dealers, ECNs and exchanges.  For more information, see http://www.fixprotocol.org.

About FISD
The Financial Information Services Division (FISD) of the Software and Information Industry Association providers a neutral business forum for exchanges, market data vendors, specialist data providers, brokerage firms, investment managers and banks to address and resolve business and technical issues related to the distribution, management, administration and use of market data.  Participants use the forum to exchange ideas, build business relationships and improve the business climate associated with the worldwide flow of financial information.  For more information, visit http://www.fisd.net

Source: FPL 16.04.09

Filed under: Corporate Action, Data Management, Data Vendor, Exchanges, FIX Connectivity, Market Data, News, Reference Data, Standards, Trading Technology, , , , , , , , , , ,

FIX : The Standard that Could

As the global financial crisis hits firms worldwide, it will take longer for the FIX protocol to become a de facto standard in FX trading as IT executives grapple with where to spend their vanishing budgets. By Oksana Poltavets

It is nearly impossible to predict how long the worldwide economic crisis will last. Wall Street, The City of London and the global financial community alike have to hope for the best, but prepare for the worst when planning ahead and divvying up their shrinking IT budgets. Although some projects du jour, such as risk management, have received a much needed financial and manpower boost, other initiatives fall by the wayside.

The uptake of the FIX messaging protocol in foreign exchange (FX) trading may be yet another casualty of the cost-cutting battle in IT departments. When buy-side firms are faced with deciding how to allocate precious IT budget monies, adding or enhancing FIX capabilities might not make the cut. “With all the events going on in the market, FIX may be the last thing on their minds,” says Sang Lee, co-founder and managing partner with industry analyst firm Aite Group.

The worldwide recession is wreaking havoc not only on budgets, but also on overall global FX trading volume. Skittish investors have been pulling their funds back closer to home in an attempt to decrease their exposure to global risks. “Once the economy turns up, we’ll see more investment in FIX. We are going to need a return to happier times,” says Laurie Berke, senior consultant with analyst firm The Tabb Group.

In a move that observers say couldn’t come soon enough, the messaging standards group FIX Protocol Ltd. (FPL) has recently changed its development and release schedule for the protocol. For most of FIX’s history, it has been released in major versions. From the current version, 5.0, going forward, rather than making large protocol changes, the organization is instead restructuring this so that changes are implemented in small extension packs. An extension pack may add a new message, or it may add a single field, but the idea is that extension packs are smaller, granular, incremental changes to the protocol. Then the FPL will gather up 25 to 50 extension packs, bundle them together, and call it a service pack. This has already been done once with the release of FIX 5.0 Service Pack 1 (SP1), according to Ryan Pierce, FPL’s newly minted technical director.

Shift to Electronic Trading

The FIX protocol originally was not very applicable to FX trading, which is still done primarily on an over-the-counter (OTC) basis, with the exception of FX futures, which are traded on the Chicago Mercantile Exchange (CME). Earlier editions lacked the nuances necessary for the asset class. It wasn’t until version 4.2, which was released in 2000, that the FPL added FX support to the protocol. As standards go, nine years is a not a long time and FIX is still relatively new in FX trading, according to Mary Knox, analyst for Gartner.

Since the bulk of FX trading is conducted over inter-dealer or inter-bank platforms, as well as ECNs and individual banks, the marketplace was originally built on one-to-one connections. Banks and ECNs provided their own proprietary protocols or application programming interfaces (APIs) for customers to use. There is still no one single, consolidated location for trading in FX, nor is there a consolidated tape for market data, which initially made it difficult for electronic execution. However, volume growth and increased fragmentation of trading venues over the past several years have spurred the rise of electronic trading in FX. Last year, more than 60 percent of FX orders were executed electronically, up from 35 percent in 2001, according to an Aite Group report. The analyst firm predicts that number to rise to more than 70 percent by 2010.

However, only about 33 percent of all FX transaction occurred via FIX last year, up from 12 percent in 2004, according to Aite Group. By 2010, nearly 40 percent of all FX orders will be done through the FIX protocol. And although the need for a standard such as the FIX protocol was not as pressing as it was in the equities trading space, FIX has gained a lot of traction in FX over the past couple of years, according to market insiders.

FIX as a Standard in FX

Major FX ECNs have seen more clients, such as hedge funds and asset managers, asking for FIX connectivity versus the proprietary protocols or APIs they previously preferred. Although Hotspot FX ECN owned by Knight Captial has been offering FIX support since 2002, about 40 percent of its customers now send their orders in via FIX, according to Paul Reidy, director and head of technology for Hotspot FX. Similarly, FXall has seen an uptick in customers inquiring after FIX connectivity, says Minor Hoffman, CTO of the ECN. FXall started offering FIX as a protocol about two years ago when customer demand swelled. (For more on FXall and the fixed-income space, please turn to page 20.)

Not to be left out, Thomson Reuters hopes to offer full support for FIX across all of its platforms, new and old, by 2010, according to Richard Kiel, global head of post trade services at the vendor. Currently, Reuters’ dealing and matching platforms do not have a FIX interface, but client demand is driving the change. Still, Kiel says that a minority of FX orders it executes comes in via FIX. That is not the case for one ECN: Currenex claims that nearly 60 percent of its trading volume is done via FIX. Currenex, a subsidiary of State Street, has been pushing customers away from its Java API toward either a FIX connection or a proprietary graphical user interface (GUI), says Sean Gilman, CTO of Currenex.

Although the current economic conditions and the constrains of IT budgets have somewhat hampered the adoption of the FIX protocol in FX trading, industry experts agree that FIX will eventually be the dominant protocol in the space. The shift in power will most likely happen next year or even further out, depending on the state of global finances, among other things.

Added Benefits

No one can dispute the benefits the equities marketplace has gained from the FIX messaging protocol. Market participants want to apply those positive aspects to reap similar rewards in FX trading. In fact, much of the driving force behind FIX adoption in FX comes from firms trading in equities. ECNs are seeing many equities market participants who want to start trading FX asking if they can use their existing infrastructure, trading platforms and connectivity for the FX space. Clients who wish to trade multi-asset strategies that include FX are also looking to be able to use one common protocol. “Ideally, they want to standardize their infrastructure as much as possible and use as much common technology as possible,” says Hotspot FX’s Reidy. Even customers who were already using a proprietary API have begun switching to a FIX connection in order to consolidate on one system within their own organizations, he adds.

As with any standard, FIX brings the added benefit of stability and ease-of-use. Integrating new customers becomes much faster when using a protocol such as FIX, because the majority of the industry is familiar with it. However, in some cases, two firms can define FIX in different ways, which could cause discrepancies. “There’s always an element of customization required for every individual but if we can drive toward a common standard, that would make things a lot easier,” says Kiel.

Although the FIX protocol is used mainly in the pre-trade and trade areas of FX, the industry could also benefit from FIX adoption in the post-trade environment. Version 5.0 of the protocol has added support for post-trade services, as well as traditional capabilities. Back-office activities such as trade notifications and allocations can be electronically delivered via FIX. In spite of its added functionality, version 5.0 has not yet gained wide traction in any asset class. The FPL plans to release the second service pack (SP2) for FIX 5.0 early in the second quarter of this year. FIX 5.0 SP2 will include added support for FX non-deliverable forwards (NDFs).

Market participants have been using FIX in FX trading for years, but the protocol has not yet become the de facto standard for the asset class. The present economic pressures on technology teams and budgets at global financial firms have slightly slowed the uptake of FIX in FX. However, the benefits of adopting one standard outweigh the financial costs to invest in FIX infrastructure and support. FX is a rapidly changing marketplace, observers note. “If they were starting from scratch, FIX would be a no-brainer. But now there needs to be an incentive to make it work,” says Lee. “It will take time.”

Source: Waters, by Oksana Poltavets, 01.04.2009

Filed under: Data Management, Exchanges, FIX Connectivity, Market Data, News, Standards, Trading Technology, , , , , , , , , , , , ,

Why Some Dark Pools Are Increasing

Some dark pools are growing faster than others. Overall, dark pool volume appears to be increasing as a percentage of consolidated market share, but a handful of pools are making more headway. The growing pools run from Goldman Sachs’s Sigma X and Morgan Stanley’s MS Pool to Getco Execution Services.

According to Rosenblatt Securities, which tabulates dark pool volume monthly, dark pools were 8.75 percent of consolidated volume in January, in line with market share in November and December, but several percentage points higher than their share earlier in 2008. However, data from the earlier part of last year is incomplete since some pools declined to publish their numbers.

In both December and January, the four largest pools were Knight Capital Group’s Knight Link, Sigma X, Getco Execution Services and Credit Suisse’s CrossFinder, in that order. Those pools represent more than half the total reported dark pool volume.

Last month, the order of the largest pools shifted. Goldman’s Sigma X is back in the top spot, after being elbowed aside by Knight in October. Sigma X transacted 156.3 million shares (using Rosenblatt’s methodology), up from 128 million in January and its record ADV of 159 million shares last September. The earlier months’ numbers are based on Rosenblatt’s count. All the dark pool numbers in this article are single-counted.

GES, which is just a year old, last month hit 139.7 million shares daily, according to the firm, up from 86.1 million in January. Knight Link traded 135 million shares, based on Rosenblatt’s methodology, Knight said. In January, its ADV was 137 million shares. Credit Suisse’s CrossFinder, which saw its best month ever in February, executed 103.6 million shares daily, up from January’s 81.4 million.

In an effort to standardize dark pool volume figures, Rosenblatt single-counts executions and excludes shares executed externally. Knight said Knight Link’s February ADV was 168 million shares when executions that took place in other venues, such as other dark pools, are added into the mix. About a third of Knight Link’s reported executions, according to Rosenblatt, are in micro-cap and nano-cap names, which tend to have lower stock prices and therefore require more shares to trade the same dollar amount. None of the dark pools execute Pink Sheets and OTC Bulletin Board stocks.

Goldman, Credit Suisse and GES have all seen record volumes in their pools in March, in keeping with higher consolidated equities volume (Knight did not comment on its March volume). Credit Suisse has also logged a big increase in volume after releasing “new ultra-low-latency matching technology” on March 1 and moving the matching engine to a new data center, said Dmitri Galinov, a director in Credit Suisse’s Advanced Execution Services group.

However, none of these volume increases means these pools are taking flow from the traditional block crossing networks. Executions and market share typically depend on the roster of clients and flow in particular pools. Liquidnet, Pipeline Trading Systems and ITG’s POSIT Alert, which execute blocks, did not increase their market share over the last year, but continued to execute block orders. Other pools, in contrast, proved more welcoming to non-block algorithmic flow, including flow from high-frequency players. According to research firm Aite Group, high-frequency trading now represents 60 percent of ADV in U.S. equities, and that type of flow has increased its presence in dark pools in recent months.

Both Knight Link and GES gained ground in recent months because their affiliations with market-making operations enabled them to execute more flow. Justin Schack, vice president in charge of market structure analysis at Rosenblatt, points out that a benefit of the big pools affiliated with market makers is that “they have continuous liquidity and order flow doesn’t have to sit there and wait for a match.” He added that both GES and Knight Link are also fast, accessible through algorithms, and offer attractive pricing.

Knight Link gives about three-dozen brokers and other entities a way to access the firm’s off-exchange liquidity, which is generated by its large market-making business. Jamil Nazarali, managing director in charge of Knight’s electronic trading group, noted that Knight Link’s growth over the last few months “has come from new clients and from expanding use by clients who have had a good experience with high fill rates and low cost since turning on [Knight Link].”

GES matches orders from two-dozen broker-dealers against two-sided liquidity from GETCO, which operates a separate broker-dealer owned by the same parent company. GES is registered with the Financial Industry Regulatory Authority and is an alternative trading system. Unlike most traditional dark pools, GES and Knight Link do not allow customer orders to rest in their pools. Knight also has another pool that operates like a traditional pool, called Knight Match, but it doesn’t provide volume figures for those executions.

Goldman said Sigma X volume has surged in recent months because of broad changes in the industry that have led more broker-dealers to use its dark pool. “The fact that we’re up and running and executing every day has helped us gain market share,” said Rishi Nangalia, head of business development at Goldman Sachs Electronic Trading, which is responsible for Sigma X. “This has led to some new broker-dealer relationships.”

Credit Suisse’s Galinov said his firm’s pool has increased its market share in recent months because customers are using CrossFinder more and because of industry developments. “The fact is that fewer players exist,” he said. “The flow has been redistributed among the firms still standing, and their dark pools have benefited greatly over the last several months.”

At the same time, Goldman’s Nangalia added, high-frequency players operating across a range of dark pools have contributed to increased volumes at some pools. “Volumes have gravitated toward flow from electronic market makers,” he said. He noted that changes in the type of flow in dark pools can affect the market share of those pools.

Morgan Stanley offered a different reason for its recent growth. In February, the dark pool averaged over 38 million shares, up from 27 million shares daily in January. Andrew Silverman, head of electronic trading distribution at the firm, said volume increased because customers are increasingly differentiating between the many pools they can access. Unlike some dark pools, he said, MS Pool does not send out electronic indications of interest about liquidity residing within its walls and does not accept immediate-or-cancel orders. Both outgoing indications and incoming IOC orders, he said, could result in information leakage for clients working large orders.

Silverman added that MS Pool also has a mandatory resting time and a median resting time requirement for orders placed in the pool, which discourage traders from hunting for order information in MS Pool. Algorithms, however, can pass through MS Pool on their way to the market.

Citi, UBS and LeveL ATS, a dark pool consortium, have also grown in recent months. The two broker pools have augmented their market share of expanding dark pool volume over the last year. Citi Match executed 41 million shares in January, while UBS accounted for about 35 million shares, according to Rosenblatt’s estimate. LeveL’s ADV was 49.9 million in January. LeveL, like Knight Link and GES, offers brokers low-cost executions.

Source:  TradersMagazine, by Nina Mehta 13.03.2009

Filed under: News, Trading Technology, , , , , , , , ,

ITAU Securities Selects NYSE Technologies To Create New Direct Market Access Platform – First Global Electronic Trading Platform To Offer Access To Brazilian Markets

NYSE Euronext (NYX) and Itau Securities today announced that NYSE Technologies, the commercial technology division of NYSE Euronext, has been selected to develop a next-generation electronic trading platform that will allow Itau Securities’ customers around the world to send orders directly to Brazil’s BM&F Bovespa market center.

Making them the first to offer Direct Market Access (DMA) connectivity to BM&F Bovespa. Itau Securities and NYSE Technologies will work together to implement a best-in-class technology solution that combines comprehensive hosting software with an integrated back office platform utilizing the super-fast, resilient SFTI network.

“We are excited to work with Brazil ’s leading capital markets firm on a truly ground-breaking project that further opens the Latin American marketplaces to the global investors – and puts the global markets within reach of the Brazilian investors” said Stanley Young, CEO, NYSE Technologies and Co-Global CIO, NYSE Euronext.

“With our industry-leading technology and Itau’s extensive customer relationships in the Americas , Europe, the Middle East and Asia, we will be implementing a new breed of direct market access solutions unlike anything currently available in Latin America .”

“As we continue our global expansion to London, Dubai, Hong Kong and Tokyo, Itau Securities is working with NYSE Euronext to build this new platform giving us the ability to offer our customers outside Latin America a robust, innovative trading solution for trading in our markets,” said Roberto Nishikawa, CEO of Itau Securities.

“Moreover, Itau’s clients will have access to the most complete provider of investment services for the Brazilian market – from custody to asset management, foreign exchange, research for equities, derivatives and fixed income products.”

Source: MondoVisione, 04.02.2009

Filed under: Brazil, FIX Connectivity, News, Trading Technology, , , , , , , , , , , , , ,

2nd FPL Latin America Electronic Trading Conference.

 2nd FPL Latin America Electronic Trading Conference. May 11th / Marriott Renaissance Hotel / Sao Paulo, Brazil

Building upon the tremendous success of the 2008 event, which generated requested registrations from almost 300 delegates from the local trading community, almost double the anticipated numbers, the 2009 conference will address the key issues, challenges and opportunities impacting the Latin American electronic trading environment today.

By employing the knowledge and experience developed in delivering the 2008 event, in 2009 we will aim toprovide an exceptional conference driven by a high quality, educationally focused agenda, prepared by the FPL Latin America Subcommittee. This dedicated team benefits from a wealth of local knowledge and includes representation from firms across the region. The agenda will feature dedicated business and technology streams, including a series of presentations and panel sessions.An exploration of the key developments that have taken place in the global electronic trading environment over the past 12 months

Topic areas to be discussed will include:

  • An analysis of the electronic trading trends emerging within Latin America and the impact of changing market structure within the region
  • The opportunity to compare various emerging markets from across the globe and explore the issues and challenges presented by these regions. Additionally, it will examine the key factors that should be considered if Latin America is to continue enjoying the growth of recent years
  • How firms can benefit from business opportunities and remain competitive within the changing Brazilian market
  • Algorithmic Trading and Direct Market Access (DMA) – The evolution of these trends over the past 12 months
  • Market volatility and its’ impact on trading in Latin America
  • An examination of the changing roles of buy-side and sell-side traders in Latin America and the opportunities, and challenges they will face in late 2009 and 2010
  • The opportunity to benefit from detailed FIX and FAST Protocol implementation adviceAn examination of the technical architecture of FIX-enabled exchanges from across the region.

Source: FIX Protocol Org, 24.02.2009

Filed under: Brazil, Events, FIX Connectivity, Latin America, Mexico, Trading Technology, , , , , , , , , , , , , ,

Nomura launches Electronic Trading Platform In Asia-Pacific – Trading Live In Japan, Hong Kong, Singapore and Australia

Nomura, the pre-eminent Asia-based investment bank, this week announced the launch of its Asian Electronic Trading platform, providing clients with Direct Market Access (“DMA”) and Algorithms via its “ModelEx” platform connecting to equity markets in Japan, Hong Kong, Singapore and Australia. ModelEx is Nomura’s algorithmic trading platform which allows clients to electronically access its suite of automated trading strategies.

The firm expects to launch the platform in India, Taiwan and Korea by April 2009.

Nomura is unique in the electronic trading services (ETS) business for its award winning quantitative analytics and risk models, which provide pre- and post-trade analytics, market microstructure and quantitative research to help clients generate new and innovative trading ideas.

The new ETS team combines the best electronic trading capabilities of the Lehman Brothers acquisition, including the quantitative analytics team, developers of the algorithms, information technology and operations personnel, with Nomura’s strong client relationships and dominance in Japan.

Previously, Nomura has been active in the Japan ETS market in both DMA and Direct-Strategy-Access (DSA), utilizing its “Experts” algorithmic platform. The current ETS team, led by Managing Director Rob Laible, has maintained the Nomura platform while at the same time building-out the pan-Asian capabilities of ModelEx in order to ensure seamless execution and provide superior analysis and a competitive edge for its clients.

“Nomura is committed to establishing a world-class suite of electronic trading products for its customers globally, and we’ve been very focused over the last few months on re-establishing a market-leading platform in Asia,” said Rob Laible, Head of Nomura Electronic Trading Services in Asia. “We are well-positioned to offer our long-only clients, hedge funds, pension funds, and other institutional investors value-added and customized trading solutions and execution services.”

Nomura’s Asia-Pacific Equities division delivers the full resources of a multi-product execution platform to its clients globally. Committed to a state-of-the art risk management platform and market-leading research coverage and insight, Nomura provides its clients with a full-service equity broker offering, including structured and flow derivatives sales and trading, cash sales and trading, program and electronic sales and trading, quantitative advisory/analytics, structured derivatives and prime services.

Source: MondoVisione, 26.02.2009

Filed under: Asia, Australia, News, Trading Technology, , , , , , , , , , , , , , , , , , , , , , ,

Fidessa Expands in Asia Pacific / Fidessa 擴展亞太區市場

Fidessa group plc , provider of the award winning trading, portfolio management, compliance and global connectivity solutions for financial markets participants, has today announced the expansion of its Asian operations to cope with growing client demand across the region.  This expansion includes the appointment of new staff as well as the opening of a larger Asian headquarters in Hong Kong.

Fidessa’s growth in Asia has been fuelled by the rapid take up and interest in new products and services which have been made available to both the buy-side and sell-side communities across the region.

Fidessa’s hosted Asian trading, market data and connectivity platform for brokers, which was launched just over a year ago, has quickly gained a strong foothold in the marketplace.  With 10 clients signed up and a strong local pipeline, Fidessa’s credentials as a global supplier to blue-chip clients of powerful, reliable international trading solutions, have proved a real winner against the incumbent competition.

Another impetus to growth has been the regional debut mid last year of the Fidessa LatentZero portfolio management, compliance and order/execution management product suite for the buy-side.  This full asset-class solution is used by nine of the top ten asset management firms in Europe and the USA, and is already live at its first major client in the region.

“As our client base expands across the Asian region, it is important that we have the staff and infrastructure required to support these customers.  The expansion of our operations in Asia demonstrates Fidessa’s commitment to the region and is a measure of the huge opportunity that we see here.” comments Nevin Price, Fidessa’s regional manager for Asia.

“The staff numbers in Hong Kong have increased by over twofold in the last couple of years to 100 people, and the new office here, combined with the business continuity centre we opened last year, will allow us to scale our operations further as our business grows.  It will also ensure we are able to continue to offer the first class service for which we are renowned going forward” adds Price.

New staff appointments in Hong Kong will grow the client support and sales teams across the product suites, and for the Fidessa global connectivity network for which Hong Kong serves as a regional hub. New staff in Singapore will also add important local support capabilities for the growing customer base that operates from there.

“Our solutions in Asia allow clients to automate their business flows, improve their efficiency and to compete on the international stage.  The demand from both the buy-side and sell-side segments in the region for these solutions is growing, and these investments in our business will ensure we remain at the front of the pack of potential suppliers to this audience” concludes Price.

Fidessa’s products serve around 22,000 users across over 630 clients around the world and are used by over 85% of tier one financial institutions. Fidessa’s network provides connectivity to over 2,200 buy-sides and 360 brokers across 115 markets globally.

香港-爲全球金融市場參與者提供屢獲殊榮的交易系統、投資組合管理,法規遵從及環球連接解决方案的Fidessa group plc(倫敦證券交易所上市代號:FDSA)今日宣佈擴展亞洲區營運業務,其中包括增聘員工及在香港遷至更大辦公室作為亞洲區總部,以配合區內客戶日益增長的需求。

Fidessa在亞洲市場的業務增長迅速,主要原因是其多種新穎產品和服務令區內買賣雙方社群感興趣及採用。
Fidessa 自一年多前起為證券經紀提供寄存的亞洲交易、市場數據和連接平台等服務,並迅速在市場上建立穩固基礎。Fidessa被譽為一間專門為藍籌客戶提供功能強勁且可靠的國際交易解決方案供應商,加上在本地擁有強大的銷售渠道,目前已有十名亞洲交易平台客戶簽約採用其服務。在當前市場競爭激烈的環境下,Fidessa 脫穎而出成為市場的赢家之一。
另一刺激業務增長的原因是 Fidessa 於去年中在區內為買家推出 Fidessa LatentZero 投資組合管理、法規遵從及買賣盤/執行管理產品組合。歐美十大資產管理公司中,有九間正採用其全面的資產級解決方案,而首名亞洲主要客戶亦經已使用。
Fidessa 亞洲區域經理 Nevin Price 表示:「鑒於我們的客戶基礎已擴展至亞洲區各市場,因此我們必須在區內擁有足夠的員工和基礎設施,為客戶提供支援。是次擴展亞洲區業務正反映出 Fidessa 對亞太區的承諾,亦是我們在看到龐大發展機會所採取的重要一步。

Price 補充說:在過去數年,香港僱員人數增加超過兩倍至一百人,而新的辦事處,及去年開幕的業務持續中心,使我們有能力因應業務增長而調整我們的營運和服務範圍;同時也確保我們昭著的優秀服務質素。
在香港新增聘的員工將加入客戶支援和銷售隊伍,專責支援和銷售 Fidessa 各種產品及把香港發展為亞洲區樞紐的環球連接網絡。而新加坡增聘的員工將加強當地的支援能力,以配合當地客戶基礎日益增長所需。

Price 總結說:「我們在亞洲推出的解決方案可把客戶的業務流程自動化;改善其效率及提昇在國際舞台上的競爭力。區內的買家和賣家對這些解決方案的需求正不斷增加,而我們在業務上作出的這些投資將確保我們在芸芸的供應商之中保持領先地位。

Fidessa 的產品服務全球超過 630 個機構客戶合共約 22, 000 名用戶,並獲全球超過85%一級產權經紀所採用。Fidessa 的網絡在全球 115 個市場為超過 2,200 名買家和360 間證券經紀提供系統連接。

Source: Fidessa, 24.02.2009

Filed under: Asia, Data Management, Market Data, News, Trading Technology, , , , , , , , , , ,

Fidessa LatentZero offers cross-asset connectivity to all major trading destinations

Hong Kong, 3rd February 2009 – Fidessa LatentZero, one of the world’s leading providers of front-office software to the buy-side, has today announced that users of its Minerva Order and Execution Management System (OEMS) and the LatentZero Trading Network (LTN) now have access to all major ATSs, crossing networks and ECNs direct from the blotter using both FIX and proprietary (non-FIX) message types.

A fully managed, multi-asset class trading network, LTN offers secure, robust, low- latency connectivity from Minerva OEMS to LiquidNet, ITG Channel, BIDS Trading, Pipeline, NYFIX Euro Millennium and Aqua for equities; Tradeweb, Bloomberg AllQ, MarketAxess and BondVision for fixed income; and FXall, FXConnect and BAXTER for foreign exchange.

In addition, LTN offers connectivity to more than 200 brokers globally for the transmission and receipt of FIX IOIs, orders, executions and allocations as well as full support for algorithmic trading and DMA.

Chris Gregory, Head of Connectivity at Fidessa LatentZero said: “In today’s complex market environment it is imperative that buy-side traders enjoy seamless, low-latency connectivity to multiple liquidity pools in order to deliver best execution across a diverse portfolio.  Having integrated interfaces from a series of major liquidity destinations into Minerva OEMS through our trading network, we are able to offer our clients the ability to respond to the best execution challenges presented by the requirements of MiFID and RegNMS, and fulfil their desire for intelligent liquidity access.”

Minerva OEMS provides a complete full asset buy-side order management and trading environment.  It includes real-time position keeping and P&L, portfolio analysis and drill down, order management workflows, and pre and post trade investment compliance, and meets the demands of global regulators and directives.  Support is provided for equities, fixed income, money markets, foreign exchange and listed and OTC (credit and equity) derivatives.

Source: Fidessa LatendZero, 03.02.2009

Press Release: fidessa-latentzero-major-trading-destinations-round-up-final

Filed under: FIX Connectivity, News, Trading Technology, , , , , , , , , , , , , , , ,

IXE Casa de Bolsa launches state of art FIX-OMS to BMV Mexican Stock Exchange

IXE Casa de Bolsa has introduced its state of art FIX order management system permitting a fast, efficient and transparent order routing and execution. The FIX connectivity allows IXE to certify and expedite the adoption of electronic trading with global and domestic market participants to process the increasing order flow and volumes, through its low latency Direct Market Access (DMA) connectivity to Bolsa Mexicana de Valores.

IXE has invested time and resources in revamping its electronic trading platform as institutional clients move towards electronic trading. The system enables clients of IXE to send orders of any size and type, inclusive program-, portfolio- and quant traders, and see them executed instantly. FIX orders of any size can be accepted and executed with a transparency and efficiency.

IXE is connected to a variety of different order routing networks including Bloomberg, MarcoPolo, NYFIX, BT Radianz, and Thomson-Reuters. Currently foreign and domestic clients using IXE’s system include, Investment Banks, Buy-Side Firms, Interbroker Dealers, Pension Funds, Program Traders, Quant Traders, as well as Retail clients.

IXE Casa de Bolsa is one of Mexico’s and Latin Americas leading broker with advanced DMA trade connectivity and technology, offering program-, portfolio- and quant trading.

IXE Casa de Bolsa was incorporated in 1964. Its strategy is to become an integral partner in its clients overall financial transactions. IXE Casa de Bolsa’s clients include institutionals, corporations, individuals, as well as government entities and provide access to a wide array of products and services.

IXE’s financials, which are amongst the highest capitalization ratio of the entire banking system, allows IXE to reduce counterparty risk for its clients, making it a preferred broker in Mexico. With a top pan-regional sales team, IXE is able to give local expertise covering more than 100+ companies in a variety of sectors. IXE’s new order management system will expand IXE’s clients base and ultimately consolidate IXE’s overall market share as one of the top in Mexico.
Source: IXE Casa de Bolsa, 15.01.2009

For further information, please contact:

Nicolas A. Drohojowski  NDrohojowski@Ixe.com.mx

+5215552689000 or +1-866-408-3493

Filed under: Banking, BMV - Mexico, Exchanges, FIX Connectivity, News, Trading Technology, , , , , , , , , , , , , , , , , , ,

Bursa Malaysia new Securities Trading Platform live

Bursa Malaysia today successfully launched its Bursa Trade Securities trading platform. The launch of this trading platform for the equities market will provide greater accessibility for both local and international investors, as well as enhance trading efficiency and transparency in the market. The first phase of Bursa Trade was implemented in 2006 for the derivatives market.  Bursa Trade is powered by the NSC® trading system from NYSE Euronext.

Bursa Malaysia Berhad’s Chief Executive Officer, Dato’ Yusli Mohamed Yusoff said, “Today’s successful launch is the culmination of months of preparation which included internal and external-user testing to ensure a smooth and seamless migration. The successful implementation was certainly made possible by the steadfast support of our market participants who had spent a significant number of hours in working together with us in testing the new trading system.”

According to Dato’ Yusli, greater speed, access and control in trading is a notable trend in global exchanges today. “As the Malaysian marketplace progresses, we must leverage on new technologies to allow market users and investors access to more trading opportunities,” he added.

Stanley Young, NYSE Euronext’s Co-Global Chief Information Officer said, “We congratulate Bursa Malaysia on this landmark launch. This platform positions Bursa Malaysia on par with major international exchanges in terms of speed and functionality, but more importantly, gives Bursa Malaysia the flexibility to bring new products and services to the market.”

Dato’ Yusli added, “As with any highly complex technological system, there are always inherent risks. The exchange will be vigilantly monitoring the new trading system for stabilisation to avoid and minimise any possible disruption.”

Some of the key features of Bursa Trade Securities include:

Theoretical Opening Price (TOP)

Investors will be able to have ‘viewing ability’ of the theoretical opening prices for each stock under the pre-opening phase from 8:30am until the market opens for trading at 9am, as well as in the second session. The pre-opening price process enables real-time calculation of stock prices for first matching at opening phase. This allows investors to gauge market sentiment and prices better as the pre-opening period is made transparent. This is particularly useful for new listings.

Theoretical Closing Price (TCP)

This transparency of trading extends to the moment the market is about to end for both the first and second trading sessions. The theoretical closing price feature promotes natural discovery of closing prices for each session.

Trading At Last (TAL)

The last 10 minutes of each session will provide traders with the opportunity to close their positions. Matching will take place at a fixed price which will be either the last done price or the theoretical closing price.

Continuous trading

Bursa Trade Securities enables real-time and continuous matching of orders compared to 10 seconds matching under the current system. This makes the online trading experience faster and much more responsive.

Five best price limits

Investors would find this feature beneficial as it provides them with a clearer picture of market depth. The five-best price limits give investors more control of their trading decisions as opposed to the three-best price limits that is offered by the current system.

Odd Lots Matching

Investors will now be able to do partial matching for odd lots which makes it more marketable. Odd lots can be partially matched based on price time priority.

Final Settlement Price for FKLI and OKLI

The implementation of Bursa Trade Securities will also have an impact on the derivatives market. There will be a change in the calculation of the Final Settlement Price (FSP) methodology for the derivatives products carrying the Kuala Lumpur Composite Index (KLCI) as the underlying instrument. The products affected will be the KLCI futures (FKLI) and the KLCI options (OKLI). This new methodology makes it less susceptible to market manipulation and smoothens out price volatility.

To know more about Bursa Trade Securities, log on to http://www.bursamalaysia.com

Source: Bursa, 01.12.2008

Filed under: Exchanges, FIX Connectivity, Malaysia, News, Trading Technology, , , , , , , , , , , , ,

MetaBit offers low latency FIX connectivity for TSE’s Remote Trading Participants – メタビット、東証「リモート取引参加者」へ高速FIX接続を提供

Tokyo, 12 November 2008 – MetaBit confirms its high performance, low latency FIX exchange connectivity solution is suitable for Tokyo Stock Exchange (TSE)’s recently announced co-location services for offshore trading firms, that will request direct participation in Japan’s largest exchange. メタビットは自社のローレインテンシー、ハイパフォーマンス取引所FIX接続ソリューションが東京証券取引所(東証)のオフショアトレーディング機関のためのコロケーションサービス向けに新たに提供開始されたと発表しました。これにより海外の機関は日本最大の売買高を誇る取引所に直接参加できるようになります。

Since 2003, MetaBit has actively deployed its pure FIX-to-native exchange connectivity for high performance trading access to Japan’s exchanges, including the commodity exchange.  The architecture of MetaBit’s technology is based on the world’s leading Orc CameronFIX engine.  Today, securities companies select MetaBit’s FIX-to-native exchange connectivity solution for its standardised FIX API that combines high performance and low latency, with cost efficient support.

“On 30 September 2008, TSE announced its plans for “Remote Trading Participant Services” that will allow offshore firms with no branch in Japan, direct market participation.  This will facilitate increased liquidity for Japan’s markets,” explains John Edwards, MetaBit CTO.  “Our company’s FIX exchange connectivity to TSE represents a particularly convenient solution for such trading firms.  The product, branded “Alpha,” allows easy trading access through a standardized FIX interface that rationalizes TSE’s native API whilst achieving consistently high performance combined with low latency.  MetaBit’s FIX solution can be deployed in the announced co-location services at TSE, at other data centers, or at a Japan broker member’s site.”

* Performance of MetaBit’s FIX to native exchange connectivity Alpha product, has been independently measured to provide throughput above 3,000 messages per second and average latency below 2 millisecond per order at a sustained through-put of 800 orders per second1. * アルファは秒速3,000メッセージ以上、1オーダーのレイテンシーは2ミリ秒以下、1秒800オーダーを常時処理するというパフォーマンス数値を残しています※1。

“Japan’s exchanges have often believed FIX to be slow,” continues Edwards, “but MetaBit’s FIX exchange solution has a proven track record since 2003, and has successfully demonstrated that FIX is capable of high performance and low latency.  TSE’s native API is often difficult for non-Japanese firms to build connectivity to, and ongoing support becomes particularly time consuming due to ongoing changes to the API.  To have built a standardised FIX API removes all such concerns for our clients, and delivers trading access to TSE in a format that is very familiar to all firms deploying FIX.”

Today, MetaBit’s FIX exchange connectivity clients consist of broker members varying from Japanese domestic players, to global brokerage firms that trade multi-asset classes on all of Japan’s major exchanges ranging from cash equities, index futures and options, CBs to commodity futures. 今日、メタビットのFIX取引所接続ソリューションは国内のブローカー及び、日本の全ての主要取引所で取引される株式、指数先物・オプション、CB、商品先物を含めマルチアセットクラスに対応したグローバルなブローカーが導入しております。

——————————————-
* 1Performance measured on the following hardware: HP Proliant DL385, 2x Dual Core AMD 2Ghz, RHEL4 Update 2, 64-bit. * 1パフォーマンスは次のハードで測定: HP Proliant DL385, 2x Dual Core AMD 2Ghz, RHEL4 Update 2, 64-bit.

About MetaBit
MetaBit is the provider of the MLH (Market Liquidity Hub), an Asian broker portal that offers Direct Market Access (DMA) to 34 brokers and access to ten exchanges through its intuitive buy side trading tool XiliX.  The MLH is also accessible through the FIX Protocol, and provides access to more than 1,800 execution destinations worldwide in conjunction with MetaBit’s FIX partner networks.  MetaBit is the only provider of pure FIX to native exchange connectivity to TSE, OSE, JASDAQ and TOCOM that focus on sustained high performance and low latency.  Other products include Exchange Message Simulators to Japan’s major stock exchanges, and FIX testing and certification products.  MetaBit actively promotes FIX throughout Asia.

Partners include leading network provider BT Radianz, number one FIX connectivity solution provider Orc Software, renowned FIX testing and certification system provider Greenline Financial Technologies, and the world’s largest exchange provider NASDAQ OMX.

For more information please visit http://www.meta-bit.com <http://www.meta-bit.com/&gt;
Media Contacts, Koiji Ito, +81 3 3664 4160, sales@meta-bit.com

Source:Meta-Bit,12.11.2008

Filed under: Australia, Exchanges, FIX Connectivity, Japan, News, Trading Technology, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

BM&F BOVESPA Contracts NYSE Euronext To Upgrade Its Equity Electronic Trading Platform

NYSE Euronext (NYX) and BM&F BOVESPA announced that NYSE Euronext Advanced Trading Solutions, the commercial technology unit of NYSE Euronext, has been contracted to develop and implement an upgrade of the electronic cash equity and options trading platforms. The NSC platform, which offers world-class latency and an enhanced feature set for market participants, is expected to go live in the first quarter of 2009.

“BM&F BOVESPA is a recognized leader in trading a range of products with customers all over the world,” said Sam Johnson, co-Head, NYSE Euronext Advanced Trading Solutions. “NYSE Euronext Advanced Trading Solutions is proud to be working with BM&F BOVESPA to deploy our latest version of the NSC trading platform that, upon installation, will immediately offer their customers industry-leading micro-second performance and reliability.”

“As we continue to experience strong customer demand and volume growth, we need a technology partner with an exceptional track-record and proven commitment to delivering top-quality technology across asset classes,” said Cicero Vieira, Chief Operating Officer, BM&F BOVESPA. “At BM&F BOVESPA, we are dedicated to ensuring fast, efficient and reliable access to Brazilian markets and we are pleased to continue to meet that objective through our partnership with NYSE Euronext Advanced Trading Solutions.”

BM&F BOVESPA has been utilizing NYSE Euronext Advanced Trading Solutions’ NSC suite to run their trading platform, MEGA BOLSA, since 1997. The new version of NSC, which is also running successfully on Euronext Paris, is the latest upgrade from the previous version of the platform currently running the BM&F BOVESPA cash equity and options markets.

Source: NYSE Eurnext 03.11.08

Filed under: BM&FBOVESPA, Brazil, Exchanges, News, Trading Technology, , , , , , , , , ,

メタビット、バイサイド向けコンプライアンス機能および投資助言ルーティングを直観的DMAプラットフォーム「XiliX」に搭載

メタビット(東京)は、マルチブローカー、マルチアセットクラス対応の直観的DMAプラットフォームであるXiliXに、バイサイド向けコンプライアンス・チェック機能と投資助言ルーティング機能を搭載したと発表しました。今日の市場環境においては、どのバイサイドにとっても非常に重要であるこれら一連の機能を、ヘッジ・ファンドのインキュベーターのパイオニアとして、もっとも成功している会社のひとつであるBridge Capital証券と共同で開発しました。

XiliXコンプライアンス・チェック機能は、投資アドバイザーからトレーダーへの投資助言のスマート・オーダールーティングとのコンビネーションで利用されます。投資アドバイザーおよびトレーダー双方が、社内および社外のコンプライアンス規制に効率的な方法で順守できるような機能となっています。これによりバイサイドに課される、より高水準の運用ファンドのリスク管理と取引エクスポージャーへの対応の一方、ハイパフォーマンスDMAやアルゴリズム注文ストラテジーへの高まる要求を損なうことなく実行できます。新しいXiliXの機能は、トレーディング・エラーとトレーディング・リスクを最小化するものとなります。

Bridge CapitalのCEO、藪内太嘉司氏は、「私たちは、現在XiliXが、日本の金融市場向けのバイサイド・トレーディングツールの中でもっとも包括的なコンプライアンス・チェック機能を有していると考えています。一連の機能は、私たちからのデザインと強化された規制に対する法令順守のための法的要求事項がベースになっています。Bridge Capitalにとって、投資助言ルーティングとプリトレードの際のコンプライアンス・チェックを統合することにより、ファンドを管理するための厳格なコンプライアンス・ルールを絶え間なく検証する一方で、拡大するトレーディング・ヴォリュームをスピーディに執行していくことが可能になります。」と述べています。

メタビットCEOのダニエル・ブルギン氏は、「Bridge Capitalの持つ卓越した専門知識をこの新機能開発のためにメタビットに貸していただいたことを大変光栄に思っております。これらの包括的なリーガル・コンプライアンス・チェックのデザインのために費やされた多大な努力は、アセット・マネジャーやトレーダーを保護するものとなります。助言や注文のヴァリデーションは、投資アドバイザーレベルとトレーダーレベルの双方向で行われます。コンプライアンス・チェックの実行の結果は、直観的で透明なレポート機能を通して、各項目チェックの成否を表示します。警告レベルから取引不可までのアラートの範囲を設定しています。」と述べています。

昨今の困難なマーケット状況を考えると、XiliXのコンプライアンス・チェックは、アセット管理に対する法的責任において、バイサイドをサポートする極めて重要な価値の付加を提供するものとなります。

Source: 09.10.2008

Filed under: News, , , , , , , , , , , , , , , , , , , , , , , , ,

Brazil: BM&F BOVESPA Global Order Routing through GLOBEX

CME Group, the world’s largest and most diverse derivatives exchange, and BM&FBOVESPA, the largest exchange in Latin America, have announced that the order routing of BM&F derivatives products on CME Globex® is scheduled to begin September 30.

The order routing linkage will enable customers in more than 80 countries using the CME Globex electronic trading platform to now trade BM&FBOVESPA products directly, including futures and options on One Day Inter-Bank Deposits, the Bovespa Stock Index, which is pending regulatory approval, and commodities such as Arabica coffee, live cattle and corn.

Starting in the fourth quarter of 2008, BM&FBOVESPA customers will have the ability to trade CME Group products directly through their BM&FBOVESPA connections, including CME Group futures and options on interest rates, equity indexes, foreign exchange, commodities and energy and metals products.

“Our agreement with BM&FBOVESPA is another example of CME Group’s commitment to expand our global offerings and services to our customers, and we want to thank the customers and employees who have worked so hard in recent weeks to make this a reality,” said CME Group Executive Chairman Terry Duffy. “As one of the world’s leading financial exchanges, CME Group will continue to offer products to investors worldwide using the most up-to-date technology that add customer and shareholder value.”

“The CME Group and BM&FBOVESPA cross-equity investment and strategic alliance is the first ever arrangement between a major global exchange and the premier exchange in Latin America,” said Craig Donohue, CME Group Chief Executive Officer and a member of the BM&FBOVESPA board of directors. “With Brazil’s position as the world’s tenth largest economy and with BM&FBOVESPA offering some of the most successful and liquid Latin American futures and options products, we are pleased to expand our customers’ access to these important markets. We also look forward to the establishing the next phase of our strategic partnership when CME Group products will be directly accessible to customers trading on the BM&FBOVESPA platform.”

“As the largest Latin American economy, Brazil has a sophisticated financial system which uses state-of-the art technology, speeding up transactions and providing them with security by employing efficient regulatory, self-regulatory and risk control systems. The Brazilian financial and capital market has been strongly developing in the last few years. Today it offers a variety of highly complex products which attract both domestic and foreign investors. This is evidenced by the impressive capital inflows that were registered during the last IPOs. All of this stresses the high potential that an international financial marketplace has to flourish in Brazil,” said Gilberto Mifano, Chairman of the BM&FBOVESPA Board of Directors.

“The start of the order routing with the CME Group initiates the global expansion of BM&FBOVESPA and represents the complete electronification of our markets, including broader global distribution of our equities products such as stocks, options, forwards and ETFs, on a parallel track with our futures products. The Brazilian market has matured, counting on the most up-to-date technology and efficient tools to meet demands. With this partnership, BM&FBOVESPA, which is the world’s third largest exchange in market capitalization, hopes to expedite the construction of a large financial and commodity market in South America, and it certainly has the means to become the liquidity hub for this market,” explained Edemir Pinto, BM&FBOVESPA Chief Executive Officer. “I would like also to thank the IT teams at CME Group and BM&FBOVESPA for their commitment with the deadlines.”

Source: CME / BM&F – BOVESAP 29.09.2008

Filed under: News, , , , , , , , , , , , , ,

Inside Market Data: Standards May 2008

This report discusses financial industry standards like: FIX, FAST, FpML, XBRL, MDDL, Symbology, STEP, ISO Standards.  IMD: Standards May 2008

Source: Inside Market Data, May 2008

Raising the Standard, By Max Bowie

Every great structure is made up of a complex arrangement of smaller, more basic building blocks
that together create a greater whole. The world of market data is no exception: It is neither luck
nor miracles that ensure data gets to the right consumer in the right format, in time for the right
purpose, but a sophisticated combination of underlying protocols that govern the message
formats used for specific purposes and data types.
Traditionally fragmented along the lines of vendors’ proprietary communication protocols,
the financial industry has in recent years stepped into the driving seat with a series of initiatives
intended to develop undisputed standards for different parts of the pre- and post-trade process.
Yet not all of these—such as the FISD’s Market Data Definition Language (MDDL)—imme-
diately took off, while others like the FIX Protocol proved so successful that firms were soon
creating their own “flavors” of FIX. So much so that when the market tried playing fast and loose
with the FAST Protocol, a derivative of FIX for streaming data, FPL took steps to ensure that the
standard remained intact and that its value was not diminished by non-standard implementations that undermine its effectiveness.d

Filed under: Corporate Action, Data Management, Data Vendor, Exchanges, FIX Connectivity, Library, Market Data, Reference Data, Standards, Trading Technology, , , , , , , , , , , , , , , ,